Overview
- Revenue reached $9.67 billion and adjusted EPS was $1.40, beating Wall Street forecasts of $9.59 billion and $1.31.
- Comparable sales rose 2.7% year over year, led by computing, gaming and mobile phones, with U.S. comps up 2.4%.
- Domestic online sales increased 3.5% and international same-store sales advanced 6.3% in the quarter.
- Best Buy raised full-year guidance to revenue of $41.65 billion–$41.95 billion and adjusted EPS of $6.25–$6.35, and now expects FY comparable sales growth of 0.5% to 1.2%.
- The company recorded a $192 million pre-tax non-cash impairment at Best Buy Health; shares rose about 3% premarket as Q4 guidance called for comps between a 1% decline and a 1% increase with an adjusted operating income rate of 4.8% to 4.9%.